On-chain data shows that Trend Research has continued accumulating Ethereum. Adding another large purchase to its recent buying streak. The firm-linked wallet acquired 11,520 ETH, valued at roughly $34.9 million, according to blockchain monitoring data. The transaction originated from a Binance hot wallet and moved directly into a wallet identified as the “66kETHBorrow” address.
This #66kETHBorrow Whale(confirmed to be Trend Research) just bought another 11,520 $ETH($34.93M).https://t.co/Zuz4m0o4rf pic.twitter.com/W4zTLoFVeZ
— Lookonchain (@lookonchain) December 29, 2025
Analysts have previously confirmed this wallet’s connection to Trend Research. As a result, the latest purchase reinforces the firm’s aggressive Ethereum exposure strategy. This move comes just days after the same entity executed multiple large ETH buys. This signals continued conviction despite recent market volatility.
Borrowed Funds Play Key Role in Accumulation
Data shows that a significant portion of Trend Research’s ETH purchases relies on borrowed capital. Since early November, the firm has accumulated over 569,000 ETH, valued at approximately $1.69 billion at current prices. Notably, about $881.5 million of the funds used for these purchases were borrowed from Aave, one of the largest decentralized lending platforms. The firm appears to borrow USDT, transfer it through centralized exchanges, and then convert it into ETH. This leveraged approach increases potential upside but also raises exposure to liquidation risks if ETH prices fall sharply. Still, the firm has continued executing buys in large tranches. It suggests confidence in long-term Ethereum price strength.
On-Chain Flows Highlight Active Trading Pattern
Blockchain records from Arkham show a consistent pattern of fund movement. USDT borrowed from Aave flows into wallets linked to Trend Research. Then moves to Binance for ETH purchases. The ETH is later withdrawn to self-custodied wallets. Recent transfers also show ETH moving between internal wallets, including wrapped and unwrapped positions. This indicates active capital management rather than passive holding. This behavior aligns with a structured treasury or fund strategy rather than retail speculation. Meanwhile, monitoring platform Lookonchain flagged the latest purchase shortly after it settled, drawing renewed attention from the broader crypto community.
Market Watches for Signals on ETH Direction
Trend Research’s continued buying places it among the most aggressive ETH accumulators in recent months. Market participants often view such whale activity as a sentiment indicator. Though it does not guarantee short-term price movement. Ethereum has remained range-bound in recent weeks, even as institutional and large-wallet activity increased.
As a result, analysts say these purchases may reflect a longer investment horizon. Rather than a near-term trading play. Still, the use of leverage means future price swings could amplify outcomes in either direction. For now, on-chain data suggests Trend Research is staying consistent with its strategy. This adds exposure even as market conditions remain mixed. Whether this accumulation phase precedes a broader trend shift remains to be seen.
